1976 (3) TMI 62

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....ve been subjected to estate duty? (2) Whether on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the gift of Rs. 5,000 to Sanjai Seth was not includible in the estate of the deceased u/s. 10 of the E.D. Act? (3) whether on the facts and in the circumstances, the Tribunal was correct in law in deleting the addition of Rs. 42,250 and in holding that the firm M/s. Beni Prasad Hari Krishan, Phagwara had no goodwill." said to be questions of law as arising out of the order passed by the Appellate Tribunal on 19th April 1975 in E.D.A No. 47 (Alld)/73-74. The application is opposed by the respondent assessee. Having heard the parties, we are of the opinion that no such question of law arises....

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....rom the agreement of partnership and not from any agreement referable to the gift. The Allahabad High Court placed reliance in that case on the decision of the Supreme Court in CIT. vs. N.R. Ramanathan(2). The Appellate Tribunal respectfully following the aforesaid decisions accepted the submission and deleted the value of the goodwill to the extent of 4 1/2 pies share from the estate of the deceased. 4. Question no. 1 suggested in the reference application is on this finding. It is correct that a question of law is involved but its difference would be academic after the decision of the Hon'ble Supreme Court in N.R. Ramanathan's case(2). We, therefore, refuse to refer this question. 5. Another dispute related to the inclusion of Rs. 5....

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....red by it and no goodwill attaches to remuneration. Further only four months period had left in the expiry of the term of the agreement as on the date of the death of Shri Raja Ram Seth. It was emphasised that the firm had no business premises, no trade mark of stock. In the alternative the submission made was that the value of the goodwill could be calculated for the unexpired period of agreement only. The revenue placed reliance on the reasons given by the authorities below. 9. The Appellate Tribunal referring to the required existence of goodwill held that the firm's business had no goodwill. It had no premises of its own, since it was carrying business from the mill premises itself. It had no trade mark nor any permanency. It has no ....